San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1887-09-08
THE GREAT "LOCK UPv
By the United States Treasury Depart
ment and Increasing at the Rate Of
Over Ten Millions a Month.


ment and Increasing at the Rate OF
Over Ten Millions a Month.
Office Of HARVEY FISK d SONS,
Bankers and Dealers IN Government
Bonds, No. 2s Nassau 80. Men York.
The situation is startling. II al
lowed to continue every interest will
feel it, Every foot of land will be-
come of less value, every bushel Of
wheat, every bushel Of corn, every
pound of cotton will decline in value.
On the other hand, il the admins
tration goes TO work under the
powers given it by existing laws, and
earnestly tries to frame new laws for
the consideration of the incoming
Congress. we shall see such an era
Of prosperity as was never before
witnessed in this land.
THE sITuArros.
The fact is, that with the excep-
ton of some twenty millions deposit
ed by the Treasury with National
Banks, there is now ''locked up" out
of use and drawing no interest, in
the United States Treasury, the vast
sum of nearly $340,000,000, (three
hundred and forty million dollars.)
One hundred millions of tdis vast
sum the Treasury is obliged to keep
under the laws as q reserve against
United States notes.
Upwards of another hundred mil.
lions OF this vast sum is retained to
redeem the notes of National Banks
failed or retiring circulation.
There is no law requiring the
Treasury to keep this sum locked up,
1t is only required to redeem the
notes as presented.
1t will be years before these Ma
tional Bank notes will all come in
and it is more than likely that 3 to 6
per cent. will never be presented.
Should this money lie idle oil these
years? II it must then there is some
defect in the National Banking Law
which ought to be corrected. !.
Why Congress should have pnt il
in the power of the National Banks
to use the Treasury in this way is
serious question.
OF the balance Of this vast sun
there is retained to meet past due
Bonds, Disbursing Officers drafts
p. O. Department accounts and divers
appropriations, nearly seventy mil
lion dollars, Just as if the Treasury
was not receiving from the peopl'
every month upwards OF twenty-five
million dollars to meet all thes'
things.
For all the above the Teasury De
partment may set up valid excuse
but, if so, the next Congress shoult
see that something is done to utilize
as large part Of this $270,OOO,0O'
as is consistent and safe.
Still remaining is $70,OO0,0OO fol
which lock up there is no reason o.
law except the ruling or wishes o
the Treasury Department.
1t is well for the people to know
how the Treasury stands.
The following figures are from tn
official statement issued by Secretar.
Fairchild, June 30, 1887:
IN THE TREASURY.
Gold coin and bulion....... $27S, lOl, lug 2
Silver-standard dollars, bull
lion, trade dollars, and
fractional silver............. 2i9, 495,63I
United States notes.......... 2S, 1890 Y
National Bank notes......". l9I ,o46
Deposited In National banks 22,99l'So2 D
Total. 1878, ,56S, $40 0
At same date the Treasury ha'
outstanding:
Gold certificates. ...........S 81, ,225, ,437 0
Silver certificates. 142, 1907 .
u. s. notes certifcates..:... S,770,00 y
TOtal.................s's ii",f"f
Thus leaving, with the ex-